Author: Rigs & Barge World

Pharaonic Petroleum Company (PhPC) confirmed plans to fast-track drilling activities to bring a new development well onstream in the fourth quarter (Q4) of 2026 with a production rate of 40 million cubic feet (mmcf/d) of gas per day. This came during a meeting of Ehab Ragaee, First Undersecretary for Production at the Ministry of Petroleum and Mineral Resources (MoPMR) and Samir Raslan, Undersecretary of the MoPMR for Agreements and Exploration with Hossam Zaki, Chairman of PHPC, along with representatives of the company’s international partners, to review PHPC’s forward plans to accelerate production growth and expand recoverable gas and condensate reserves.…

Saudi petrochemicals giant Sabic has signed agreements to divest loss-making assets in Europe and the Americas as part of its divestment strategy intended to free up resources for investment in core areas (MEES, 9 May 2025). In an 8 January statement, Sabic announced that it has agreed to sell its European Petrochemicals (EP) business to Aequita and its Engineering Thermoplastics (ETP) business in the Americas and Europe to Mutares. The combined enterprise value of the deals is $950mn. (CONTINUED – 385 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the…

The United States is moving rapidly to grant Chevron an expanded license to boost its natural gas and oil production and exports from Venezuela, US Energy Secretary Chris Wright told Reuters on Friday. Under the proposed changes, Chevron would be permitted to pay royalties and taxes in cash rather than crude. This shift enables the company to market 100% of the oil it produces in the country, removing the current restriction that limits exports to approximately 50% of output. The move comes as the administration of President Donald Trump seeks to revive Venezuela’s oil industry following the removal of former…

Norway’s Scatec views Egypt as a favorable investment environment and is doubling down on renewables projects in the North African country. The firm announced on 11 January that it has signed a 25-year power purchase agreement (PPA) with state utility EETC “for a total capacity of 1.95 GW Solar and 3.9 GWh Battery Energy Storage Systems (BESS) in Egypt.” “By integrating advanced solar and battery technologies, we are providing Egypt with sustainable, around-the-clock power and grid stabilising services, supporting both the country’s energy transition and the region’s long-term economic development,” Scatec CEO Terje Pilskog says. (CONTINUED – 931 WORDS) Read…

Chevron Corporation has reached a Final Investment Decision to expand the production capacity of the Leviathan natural gas field offshore Israel. The expansion plans would increase the field’s annual production to 21 billion cubic meters (bcm), designated to meet both Israel’s growing energy needs and exports to neighbouring countries, according to a press release by the company. “Our decision to invest in the expansion of Leviathan’s production capacity reflects our confidence in the future of energy in the region. Pragmatic U.S. and regional energy policies are helping to strengthen energy security across the Eastern Mediterranean and foster an environment that…

Morocco is entering 2026 with a raft of solar projects to supply businesses, factories, mines, and other large energy consumers with more than 700MW of photovoltaic (PV) power, bringing the coal-dependent kingdom a step closer to achieving its renewable energy ambitions. While the projects aren’t included in the headline national capacity targets, they will nonetheless help meet growing demand and position the kingdom as a leader in renewable energy. (CONTINUED – 786 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials…

President Abdel Fattah El-Sisi met with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi to review key files related to Egypt’s energy and mining sectors. The meeting focused on the ministry’s efforts to advance Egypt’s strategy of becoming a regional hub for energy and gas trading. Discussions covered the progress of seismic surveys by land, air, and sea, as well as plans to expand oil and gas exploration both onshore and offshore. The talks  also included diversifying gas supply sources and offering incentives to exploration companies to strengthen Egypt’s attractiveness to global investors, according to…

On 14 January, the Saudi Development and Reconstruction Program for Yemen (SDRPY) announced a $507mn (SR1.9mn) aid package for development projects in Yemen. The move comes as Saudi Arabia became the dominant backer of the internationally-recognized government after it forced the withdrawal of the UAE earlier this month (MEES, 9 January). The aid package includes funds for existing and new hospitals, schools, and infrastructure in government areas. It also mentions the development of Yemen’s first desalination plant in Aden and more oil derivative grants to be used in the country’s struggling power sector (MEES, 24 October 2025). Saudi Arabia has…

Khalda  Petroleum, General Petroleum Company (GPC) and Disouq Petroleum Company (DISOUCO) have successfully drilled a number of productive wells across their concession areas in the Western Desert, Eastern Desert, and Nile Delta, adding around 47 million cubic feet of gas(mncf/d) and 4,300 barrels  (bbl/d) of oil and condensates to the national output. The drilling operations, which include five fresh exploration wells, come as part of the Ministry of Petroleum and Mineral Resources (MoMPR)’s strategy to raise production and intensify drilling and exploration programs, according to a statement by the ministry. Khalda Petroleum, a joint venture between the Egyptian General Petroleum Corporation…

On 14 January, Bahrain state energy firm Bapco Energies and TotalEnergies announced the official launch of their joint-venture BxT Trading, based in the Dubai International Financial Centre (DIFC). After Kuwait’s KPC launched its trading firm last year (MEES, 21 March 2025), all six GCC countries have now established oil trading arms as they seek to extract more value from their production. In partnering with TotalEnergies, Bapco is following the path laid out by Oman, which pioneered the establishment of state-led oil trading entities in the region. Oman’s OQ Trading was originally set up in partnership with trading giant Vitol in…